I concluded my Q2 Barchart report on base metals with the following:
As the base metals market enters the second half of 2025, copper, the leading base metal, was marginally above $5 per pound until July 8, when the COMEX futures price exploded to a new record high. Most LME stocks have declined from the end of 2024, and the overall trend since the 2020 pandemic-inspired low remains higher. However, the Chinese economy and U.S. tariffs are the critical factors that could determine the path of least resistance of prices over the coming months. Keep an eye on LME stockpiles as they can provide significant fundamental clues that will impact the price direction.
